The 1989 film, which starred Sally Field, Dolly Parton, Shirley MacLaine, Daryl Hannah, Olympia Dukakis and Julia Roberts, was based around the bonds between a group of women in the parish of Natchitoches, Louisiana.
Lifetime's version will be a contemporary reworking with an all-black cast, according to Deadline.
Hairspray producers Craig Zadan and Neil Meron are leading the project, while Raisin in the Sun's Kenny Leon has been tapped to direct.
CBS attempted to turn Steel Magnolias into a sitcom in 1990 with Cindy Williams, Sally Kirkland, Elaine Stritch, Polly Bergen and Sheila McCarthy, but it was not picked up after the pilot.
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Watch the original trailer for Steel Magnolias below: